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SRCH - Searchlight Minerals Corp. Announces Extension of Certain Outstanding Warrants
Searchlight Mine (OTCBB:SRCH)
Today : Friday 2 November 2012
Searchlight Minerals Corp. (OTCBB: SRCH) ("Searchlight" or the "Company") today announced the extension of the term of certain of its outstanding warrants.
On November 1, 2012, the Board of Directors of the Company unilaterally determined to amend certain of the Company's outstanding common stock purchasewarrants to purchase up to an aggregate of 13,828,212 shares of common stock to extend their expiration dates through and including November 12, 2013. The terms and conditions of these warrants remain the same in all other respects. Prior to the amendments, these warrants were set to expire on November 12, 2012. These warrants were issued in connection with the Company's February 23, 2007, March 22, 2007, December 26, 2007, February 7, 2008 and November 12, 2009 private placements, and constitute 100% of the outstanding warrants issued by the Company in connection with its prior financing private placements.
About Searchlight Minerals Corp.
Searchlight Minerals Corp. is an exploration stage company engaged in the acquisition and exploration of mineral properties and slag reprocessing projects. The Company holds interests in two mineral projects: (i) the Clarkdale Slag Project, located in Clarkdale, Arizona, which is a reclamation project to recover precious and base metals from the reprocessing of slag produced from the smelting of copper ore mined at the United Verde Copper Mine in Jerome, Arizona; and (ii) the Searchlight Gold Project, which involves exploration for precious metals on mining claims near Searchlight, Nevada. The Clarkdale Slag Project is the more advanced of two ongoing projects that the Company is pursuing. The Searchlight Gold Project is an early-stage gold exploration endeavor on 3,200 acres located approximately 50 miles south of Las Vegas, Nevada.
Searchlight Minerals Corp. is headquartered in Henderson, Nevada, and its common stock is listed on the OTC Bulletin Board under the symbol "SRCH." Additional information is available on the Company's website at www.searchlightminerals.com and in the Company's filings with the U.S. Securities and Exchange Commission.
Forward-Looking Statements
This Press Release may contain, in addition to historical information, forward-looking statements. Statements in this Press Release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" in the Company's periodic filings with the Commission. When used in this Press Release in discussing the recent developments on the Project, including, without limitation, the resolution of certain issues relating to the operation of the production module, the words such as "believe," "could," "may," "expect" and similar expressions are forward-looking statements. The risk factors that could cause actual results to differ from these forward-looking statements include, but are not restricted to technical issues on the Project that may affect the production module and its primary process components, challenges in moving from pilot plant scale to production scale, the risk that actual recoveries of base and precious metals or other minerals re-processed from the slag material at the Clarkdale site will not be economically feasible, uncertainty of estimates of mineralized material, operational risk, the Company's limited operating history, uncertainties about the availability of additional financing, geological or mechanical difficulties affecting the Company's planned mineral recovery programs, the risk that actual capital costs, operating costs and economic returns may differ significantly from the Company's estimates and uncertainty whether the results from the Company's feasibility studies are not sufficiently positive for the Company to proceed with the construction of its processing facility, operational risk, the impact of governmental and environmental regulation, financial risk, currency risk volatility in the prices of precious metals and other statements that are not historical facts as disclosed under the heading "Risk Factors" in the Company's periodic filings with securities regulators in the United States. Consequently, risk factors including, but not limited to the aforementioned, may result in significant delays to the projected or anticipated production target dates.
Contact Information:
RJ Falkner & Company, Inc.
Investor Relations Counsel
(800) 377-9893
Email Contact
Maybe they're working on a technical report to release to investors - NOT! Never once, in seven years of bilking investors, have they released a report by one of their "consultants".
But why mess with success? They have the perfect situation - private land so no one can take their own samples of the slag without admitting to trespass, no reports so nobody will ever see any assay reports, and "world-class" consultants that only work for them and a few other scammy outfits.
SRCH - Company has been very quiet since June.
Maybe, but "remotely to do with gold" is a good way to put it. SRCH has never, ever provided the reports for all their testing and sampling of the slag. Until these reports are provided, they don't exist. It is a slag pile from a copper mine whose original ores never had even a tenth of the gold grades that are being claimed to be in the slag.
I think it's just because any stocks having anything remotely to do with gold are hot right now. Worth keeping an eye on anyway.
I was wondering too. No news release, no financials released, no nothing. Just a whole bunch of small buys on Friday. Interesting...
And still no gold, 7 years into this.
So...any particular reason this turd is moving right now? Maybe just because gold stocks are hot right now? On watch.
Naw, now I think you are dancing about the issues.
If you can get on top that pile and find bore holes, you can get samples off the sides to some degree. Something representing what that hole was about in total. All in the wrist. It ain't rocket science.
Getting to like my last idea. Bring some hot babes dressed or undressed just right, make a movie while you do it. No jury will ever convict you. Git a lot of hits on U-Tube. Babes that know how to smile and shake.
Hey, movie will have more of a plot than most of that Hollywood junk. Good guys will be easy to identify from the bad guys.
You are right, I have no competing data to compare directly to their supposed drilling program. They have not proven they have any gold, and it can't be disproven until someone else (a third-party, with credibility) drills it. All you can do is refer to historic records that show the ore that was direct-smelted by Phelps Dodge typically did not run even a tenth of the gold that they are claiming to be in the slag (a waste product). Somehow the gold is now 10 times richer in the slag than in the original ores?
The lack of other data is exactly why this thing has dragged on for seven years. These guys are good at what they do........!
I wish it were that simple to sneak in to use your tin-can sampling method. Slag is not loose enough to simply scrape samples off the side of the borehole. I believe they claimed to have used sonic drilling methods which drives the drill steel through the material using high-frequency vibrations, and a plastic bag inside the drill steel fills with the material. The driller retrieves that material about every five feet, and then goes back in and drills another five feet. Expensive method, but routinely used for environmental investigations.
But, we'll never know for sure if any holes were drilled, since they have never issued any kind of report with borehole logs, assay reports, etc. Could be pure fabrication, or maybe not, take your pick.
The core complaint is you ain't really got nothing solid.
This is calling for action.
First mission is to do a midnight reconnoitor of the pile and look for them drill holes. IIRC the positions was shown on the map of that one analysis report.
If they can get Bin Laden, you can get these guys.
If you can find the drill holes, then can just lower a tin can and get various level samples on the way up from the hole sides. Dual strings, one to lower / raise, one to open a lid door.
Supposely that is sort of how they did the hole sampling. The slag would not support normal core drilling so they did something akin to environmental method where a hole was drilled a few feet, they vacuumed out the cuttings, bagged and tagged and then repeated, repeated. The samples are only particular level specific accuracy.
That same general method could be repeated to attempt to get a wee representative sample from various levels in various holes.
We need heros and those who dare in the dead of night. Maybe stiff Sandpiper gin afterward as they fondle the booty. Make money off the book and movie deal afterward.
Gentlemen,rankers off on a spree.....Damned from here to Eternity. Pure gold with the right theme music background. And we don't got worry about no stinking permits. Might have to include some big buxom babe tho.
Do you have to get a permit to make a movie?????
No, I don't need a map. I know exactly where this pile of slag is, and anybody who has ever taken the Verde Valley Railway trip up the Verde River begins their journey with the train riding up beside the slag pile. You could almost reach out and grab a piece of slag. Highly recommend the train ride!
That's the beauty of it - almost impossible to find a smoking gun on these guys and they know it! Me, or anybody, grabbing a sample of smelter slag from the tracks or even through the fence proves nothing. What am I supposed to do, submit results to the IHub board for a vote? Waste of time and money, obviously.
Besides, a grab sample or even a dozen grab samples would never be sufficient to disprove an 18-hole drilling program anyway - it would take at least a couple drill holes to begin to debunk the previous drilling. They would claim that the surface has been leached and the "goodies" are all deep within the pile, or some such other line of crap.
No, this is only going to end if an investor with enough suspicions and enough motivation takes these guys to court and forces an independant, third-party sampling of the slag pile.
I don't know what the Luxor angle is - is that what you mean by the "core complaint"? You are wondering why Luxor would be involved if it isn't legit? Maybe they see it as a typical penny stock angle - they know as well as you do that money can be made off of SRCH as long as they time things right. I don't know anything about Luxor, but some legitimate companies end up sinking money into some pretty sketchy operations (e.g. Madoff, etc.)
Well you still ain't giving no smoking gun Gitreal. Don't have a good case on the core complaint.
You can just get a sample by walking down the railroad tracks. The tracks run between the two piles, one bigger, one smaller. SRCH don't own the railroad tracks do they????
A number of pixs which clearly show the metal sheeting used to support the pile has failed and provides easy access to slag. Just laying there for the taking. Within easy reaching distance.
This is what they make dark of night for. Lil night vision apparatus, done deal.
Under your theory I still ain't seeing how Luxor is standing to really make out? They have buried something like 6 million dollars in this pig. Of course that is "Other Peoples Money" and you always can have rouge insiders getting kick backs but that part of your theory never jives. Lots of better ways to spend that type of money and never expose yourself to a criminal affair.
When are you getting a sample? Do I need to draw a map??? Would be interesting to see how it tests out.
Actually if there is any gold there and you get a few tons, you probably could just melt the whole affair and have the gold settle out nice and gentle, do your own benefaction scheme. Just get a bulk separation of metals and stuff of value to some degree. Go from there.
The PS part, I just had another look at the pixs.
Nothing I see shows any "Fence" around the pile. There is another way to get there by just wading down the river looking for crawdads. Pile is right there on the bank in sections. If a guy wants a sample he can get one. I ain't picking you as a team member if I ever plan to break into a bank. Where there is a will, there is a way.
I don't claim to understand all the finances of a deal like Searchlight, but one thing is obvious - the combined salaries to the BOD and the payments to Charles Ager (the "consultant") add up to a huge amount of money. Nice gig - be on a BOD, do nothing, and pull in $100K or $150K a year, year after year. That's the motivation, in my opinion. Gravy train that keeps on giving......
Yes, the permit side is important, but as I said, not until they start actually processing, which in my opinion is never.
The drill holes are probably still there, if they were even drilled at all. No report was ever issued, no real evidence that any hole was drilled.
The problem is that this is private property - you cannot just amble over there, and grab a sample of the slag or check for drill holes. That is the key factor that has kept this scheme going for so long. If this were BLM or State land, an investor or nosy skeptic could go grab a sample or two. Even jumping the fence and sampling would be a mistake - you would be admitting to trespass if you publicized your results. So, a nifty way of keeping a lid on actual slag sample results.
The samples reportedly collected during the drilling process are certainly long-gone. Assay labs only hang onto them for a little while, then start charging a monthly fee for storage. I am sure they are not available, and even if they were, why would SRCH allow anybody to re-assay them?
The key here is the complete and absolute lack of any reports. Zero. Nada. If a person were to invest hard-earned money in this, wouldn't that be a red flag if no reports were provided for review?
Bre-X? Not quite the same scale, but this would still make a nice book or movie someday.
Well Gitreal if you are even remotely right in any part of this, we are not talking just "Shutdown". It is way over into something more criminal in its nature.
Which would call into play the participation of all parties including the guys financing to this point. What was everybody's motives. You are never clear on how everybody gets paid.
The permit side of things is a factor. No way are they going to be allowed to process the slag and then just dump the silica / iron mix back out into the local environment in some pile somewhere. Dust blow off will happen. Big clearspan storage building at the minimum. Disposal by some means will need a piece of paper.
A super unit train will only get you 15000 tons at the most and the cars will need to be covered. Everything needs its own piece of paper, going to the bathroom needs more paper than you find in there, flushing twice is a violation of some regs.
Be interesting to see what the next big PR is??? How do you move the stock price???? More of the same testing crap and the babble associated with it gets old. The big dude plays more golf, gets paid to do it. Yawn.
One interesting side question that might prove you wrong to some degree? Do the holes for the supposed slag analysis test samples still exist in the pile?? Supposely they drilled 18 holes. Can evidence of that still be seen. I assume the slag is fairly stable in that regard. Can anybody just go and walk over the slag pile??? Take some pixs.
Are those samples still held by some party in a secure manner???
If there ain't no gold and never was, somebody on the Government side, SEC and all the rest is very asleep at the switch. Did Michael de Guzman salt the holes? Ah, Yes another Bre-X and nobody goes to jail. Why is FCX not interested in this story???
Such a good story and they choose to keep it under an old tarp. Can the National Enquirer help??? We might need some Sex, drugs and lust for power, gold only gets you so far. Maybe we need a girl in a blue dress to blow the whistle. Did Bill call it that??? She was the wind beneath his desk.
Maybe just have some fun while we are waiting.........waiting.......waiting. Starting to see a pattern there.
The proven ties between this company and documented scammers (Matheson, Agers, Gunnison, etc.) is enough to condemn this as a scam.
The lack of true technical documentation (PRs and quarterly reports do not count as technical reports) is enough to condemn this as a scam.
The historical mining and smelting records are enough to condemn this as a scam. There is no way that the slag is higher in gold by 10-fold than the original ores were.
Three strikes, they're out!
And you are right, the process would need to have environmental permits. They could certainly get those permits, so I don't see that as a deal-killer. But, I doubt they are concerned with permits, because they know they will never have a need to get them, if you know what I mean.
I am just curious how much longer they can keep this thing going before they make a fatal mistake and get shut down? Another 7 years? I wonder what the record for mining-related scams is?
Well Gitreal, normally I don't buy too much into your arguments but on the crux of the argument this time you have a very valid point.
I would also question the whole idea that the endeavor could ever lead to what might be termed a "Bankable Feasibility Study" based on the level and scale being promoted. Far too many technical problems would remain as open questions. This does not look like any I've ever seen from so many angles.
First is the question of scale in just project size. The process size of all the testing is squat, to have any meaning to an engineer that would have to be scaled up to far larger size to "Prove" it works. All they have at present is some "Lab Size".
Normally in industrial projects you have to be at some "Pilot Size" minimum to be taken serious. You pick a size but something well up in the real TPD range. Final scale up probably no more than a factor of 10 more. Maybe seeing it in full operation at the size of a complete operational plant as built at the site.
Few 100 tpd which could be viewed as a module size that could be expanded in future to something in the thousands TPD. Minimim total working plant size of say 20 TPD as a "Pilot Size". The fact this is such an oddball project off the normal "mining track" sezs different rules apply and you really have far more duty to demo it as a real working process at a size that is meaningful.
Without that I can't see any real bank putting up serious many millions more. Ain't the way it works.
This idea of money is funneled to the man at less than arms length is a complete turn off. The real bank has to have their own technical experts who can also be satisfied on what is being said. Such a weird oddball type project from operational / technical viewpoint. You need extra verification.
Lacking that how could any real engineer recommend somebody else finance it. Especially somebody totally independent and does it routinely for a living over many projects???
And you have those issues I talked about before, exactly how does this real sized hydroclone work? Energy input requirement, oxygen demand, etc, etc, what does the total final plant as a full sized module look like? All this fancy p'ing about basically tells you nothing, this is not a standard process that you can point to another working model somewhere else.
Total lack of focus to this point, complete red flag country. Plus I doubt they can just go into business without more permit work. Slag pile might be grandfathered but trying to process it into something else won't be?
Just the idea of piling up the tailings or output side of the process beyond what metals is recovered is going to require more regulation approval of some type. Bet on it. Go look at what CGFIA when thru to get a permit approved with conditions for just an existing old mill with ore brought in from other sites.
Nothing is simple. You completely satisfy the permit side 100% before talking about a bank paying out big bucks. Never happens any other way in a straight above board game.
I said before, whatever comes won't be quick. Doesn't mean a fellow can't just play any stock chart move. But without a far more normal company structure and far more tranparency forget it. Don't believe much being said.
There is zero reason to be "Secret". There are probably close to zero other potential projects around the World that could copy anything learned here. In fact you should want everything to be public and hope for additional input from others who might have a useful viewpoint.
Not a business model that gives great confidence. It serves somebody's purpose but if on a real up and up level and for real reeks far too much as amateur hour at best. And Yes, the entire affair could be a cover for an insider gradification game. Them boys is grin'n big time. Pain is not shared.
For seven years, the runaround! Endless testing with a multitude of metallurgical labs. One was so secret, they could only refer to them as the Unnamed Australian Testing Lab. And all overseen by Arrakis, the common link.
I read through the latest testing results in the 10-Q, with dozens of carbon and resin recovery systems being tested. I do believe part of my brain died reading this crap. Gold in solution should be easily recovered, the technology exists! What's wrong with this picture?
They think 45 percent recovery is not good enough and shooting for 85%? If there is really half an ounce of gold per ton in the slag, go with 45% and start production already! 45% percent is not bad, go for it, and keep testing to get to 85%. At least some gold will be produced, right?
Wrong, the gold is not there, this is a scam!
Bankable feasibility study? No bank, or halfway intelligent private funder would accept any feasibility study without actual consultant reports and assays and they do not appear to exist. Has anyone ever seen an actual report?
You are correct. The SRCH BOD and their "consultant" continue to live quite well! This from the latest 10-Q:
Mineral exploration and evaluation expenses - related party increased to $95,966 during the six month period ended June 30, 2012 from $95,058 for the six month period ended June 30, 2011. These expenses relate to services provided to us by Nanominerals Corp. ("NMC"). NMC is one of our principal stockholders and an affiliate of Carl S. Ager, our Vice President, Secretary and Treasurer and a director. We utilize the services of NMC to provide technical assistance and financing related activities. In addition, NMC provides us with use of its laboratory, instrumentation, milling equipment and research facilities. We pay NMC an advance royalty payment of $15,000 per month and reimburse NMC for actual expenses incurred.
Sounds like they're giving everyone the run around. Nothings going to happen
I disagree. Sounds like they are right around the corner from the bank feasibility study.
SRCH is done. Testing for this long and still no gold while their salaries are increasing.
10-Q posted.
http://biz.yahoo.com/e/120814/srch10-q.html
Don't worry, these guys at SRCH are pros. They've been at it with this scam for 7 years without producing an ounce of gold, and I see no reason why it won't keep going. There are plenty of old folks in Florida that have not heard about that big pile of nano-gold in Arizona who will be getting flyers in the mail.
SRCH is quiet right now, but I am sure any day now there will be another PR about more testing with some little-known or mysteriously unnamed metallurgical lab.
But don't hold your breath expecting an actual report. PR's should work just fine, because there is no way to prove or disprove anything.
Scam or no scam
Its a wrap for this stock. No press release for 2 months now. Share price has dropped more than 50% of its original value since the Spring press release.
Ah, that is a strong word, that scam.
You can even find trainees who claim to have worked in those testing labs. Yes, a sweet deal. Colorado School of Mining types. Some sezs they cleaned up, that probably is an interesting activity in more ways than one.
Not much doubt in my foggy lil mind they are engaged in insider trading from probably a number of angles. But that is not rare. I can give you one where it is a totally successful company, very profitable, got everything you would look for in a growth company.
But the same thing is going on. Probably totally geared for insider boys. You as an investor, even as a trader very hard to make a dime. It can leave you shaking the head.
So it must pay very well. More than one of them about.
Only poor Martha got caught. I'm sort of looking for about $.60 again, see how low they drive it down. Kinda dangerous, could get a big overall market tank, news media wants to hold it up till after election. Management of the news, lots of games in these modern times. Probably not considered polite to call them what they really are.
Yes, Arrakis consists of "real people". But, if you research further, they seem to have numerous links to other mining scams in the Southwest including a pretty long-running one in New Mexico. They are either unwitting dupes, or more likely, they have found a niche with mining scams providing various metallurgical services. I am sure the pay is good.
The "Australian Testing Firm" is not real in my mind until they release who it is. As far as I am concerned, it is completely bogus until proven otherwise.
My main point, however, is not about who SRCH's consultants are or whether they are legitimate or not. It is the fact that SRCH has never released any actual data in the form of a third-party report by a single one of these consultants. No actual data or report = scam. They can test forever, and keep claiming good results, but no report = scam.
Well I have looked and apparently these "Test People" are real people. And they claim they are getting the real deal in terms of slag. So if they are faking it, getting some nice slag from somewhere.
http://dev1.netkitchen.com/mr3systems.com/partners/arrakis.html
http://finance.optonline.net/optonline/?GUID=21274437&Page=MEDIAVIEWER
Just testing forever.
I doubt they ever will build anything you can actually operate. Least Hector will no longer be a pup. Might be a lil "Trading off the books" action by those in the know. I guess at present it is saying just more testing. Gentlemen at work. Good work and they have got it.
Still if one can time it right might be able to make a buck. Got to be another PR about testing coming. Maybe these testing types will do a lil pre-buying. Or get their grand daddy to do it.
They have been stealing copper all over the place, wonder if they are also stealing slag??? The question about what is in the slag is not solved.
Honestly, I don't know. All I know is that SRCH is a scam. How Luxor fits in, or how they hope to make money is beyond me.
Assuming it is not a scam because some big money folks have invested and should know better, is not good logic. They have some angle to make money, and are probably well aware of the scammy nature of their investment.
Gitreal, according to your general theory how does Luxor fit into this scheme of things then??? On the face of it, why would any fund keep giving them more money if it is all a form of ruse???
What in it for them??? How do they benefit??? Assuming they would have to done enough DD to know the slag is sort of worthless. Or are they that big of fools?
I understand the World is full of crooked games, been subject and around a lot of it myself. Saw some really neat ones being run. Some almost completely "fool proof" to an outsider.
If this is what you say, more than one or two guys got to know the score. Everybody always wants their share. How are you saying it works???
I appreciate the warning, but see no reason to be careful about my thoughts regarding the slag. I will say it very bluntly - I believe there is very little gold in the slag, and I believe there is major fraud involved with SRCH's claims regarding the value of the slag.
Any company that is so careful to never, ever release any kind of actual report about their findings is surely perpetrating fraud. Why people invest based on PRs alone is beyond me, unless they are purely playing the bounces in pricing and do not care if it is a fraud or not.
The geology, mineralogy and grades of the ores processed at the Clarkdale smelter are well documented. The ores never averaged gold values anywhere near what SRCH is now claiming are in the slag. Compared to the half oz. per ton gold that SRCH is claiming are in the slags, the ores averaged maybe a tenth of that at best. Even if Phelps Dodge left ALL the gold in the slag (which I highly doubt), it is not even close to justifying what SRCH is claiming. It makes no sense whatsoever.
I have no fear in saying that SRCH's pile of slag at Clarkdale is a fraud and a scam, based on a bunch of lies from folks with a long history of documented scams. Whether it is criminal or not, that is up to the SEC and whatever court(s) it ends up in.
Make what money you can from SRCH, but it will not be from them ever producing gold.
I would be careful with your accusation there is no gold in the slag.
If in fact there is a major problem with the analysis of the slag, (i.e. nothing of value) I could see it slipping into a criminal nature. The truth is nobody knows if they are lying or not. You only have that one sort of report. Somebody in the Smart Money camp must have been satisfied by some method. Explain that part.....
The actual status of the project I think you can put into some type of assumption. That type of summary is not encouraging if you do it my way using just what is sort of known, what must be done to get to an operational status of some level?
Not pretty, more to my mind like amateur hour, surely not a World class management of anything. Real projects get cranked up and moved. Especially if they are sitting on billions of potential value.
The other thing I would wonder about is have they been put on some type of "Watch List". Before when I owned the stock, the hype was more or less, you can't be out of the stock, trading is dangerous, news will come and put it too the moon. We are so, so close, just one good PR. There was this sort of disconnect between the known fundamentals and the T/A chart.
But now, IMHO the fundamentals can be better known within some limits, the SP movement has sort of tanked, volume way off. What changed from before, fundamentals / T/A are kinda in sync like they should be. There is a form of agreement.
Before apparently the SP was routinely rolled about when the same situation was probably in place. What changed???
Ain't saying I would not try it again, be with less money. Be a straight T/A follow the chart, grab any profit quick. I doubt any great news is coming, especially very quick. In the end just about trying to make a quick buck. With this one believe nothing, take profits as they occur.
You are looking at it from an engineering/process angle. Back up a little and think about one thing - why hasn't SRCH ever released any reports documenting the sampling of the slag, and the verification there really is gold there? I see that as proof that there is negligible gold in the slag. From what I know about the geology and the production figures over the years, there is no justification for believing there is much, if any, gold in the slag.
No need to look any further.
Laugh all you want, but you didn't answer my question - how long are you willing to wait for SRCH to produce something?
There is no focus that you would normally find in any type of real project. There has to be a way to get from here to there.
They seem to claim that they now have a method to make the process work but the proof is at some bench test level and more endless testing at less than a scaleable level is a bit of a puzzle. The only thing that counts in the end it must work at full plant scale and hopefully be able to expanded from that level in a modular form. If you think it works at some level, you move up quick in size (at maybe bigger steps) and don't mess about wasting money. It has to work at full scale or you have nothing. What exactly is the scaling factor now in play??? Too big a number, something chemical in nature or complicated, has its own sets of risk. You have to be able to move the project by some method.
So more endless tests that accomplish what??? They claim it will be enough proof to borrow more money. Yeah, but nothing is at the type of standards one would expect. When does it all end???
I never thought they had a tinker's chance to ever get into operations by themselves. Only a JV or buy out ever made any sense. Zero proof anybody else is interested or even seen it.
I would not buy that smart money junk. Probably ain't their own money anyway. There are ways if you have the proper information to manipulate.
I would say be extremely wary. Smells bad. I got a number of small mining stocks but in each of them there is enough info and you have the ability to track progress, including with updated construction type photos. This has squat, only a form of hope. If it is such a treasure trove why not a more focused transparent approach be done. I had my doubts all along, just wish I had followed them at the top of the last chart peak. Future is predictable, more stories, more dilution. Time means nothing.
A project of their size would not make a wart on the backsides of most large industrial projects. If you have never done it, this is the type of project that should require a "Process Engineer" That is the type of guy who deals with things chemical in nature and he has to get it right or else the rest of the team is in trouble. I've been on projects like that, usually the guy writes a document that is very detailed, everybody else uses it for guidance. Things can be complicated but the project moves to a particular schedule, if it don't heads get cracked. If the Process Engineer can't solve it quick, he better get somebody who can, or you got the wrong guy.
The whole thing makes no sense, zero drive, direction, focus. It is about git-her-done. I did more than two major projects where it really was big time in the time they have been screwing with this relatively minor one. Projects can have delays but usually there is an understandable reason. Nothing makes much sense about this one if you view it in terms of a normal World.
People often invest in sketchy operations, hoping to catch a bounce in the price and make a tidy profit. I have talked to a lot of investors in penny stocks and almost all of them acknowledge that just about every penny stock is a scam of one kind or another. SRCH is no different except that it is particularly well laid out, long-lived, and very hard to disprove what they say because they never issue anything but PR's.
How long will you wait them out to actually produce gold from slag? Another month? Another year?
Drew his elaborations are riddled with holes.
If Luxor sold shares they would have to file SEC forms saying that since they own a large portion of Searchlight.
They didn't file the forms, so they haven't sold any shares.
CosmicRambler knows this, I think you can guess why he portrays himself as if he doesn't know.
"what is becoming zero sense in engineering terms"
How so, please elaborate.
I'm not sure there is much smart whatever going on.
The folks putting up money probably have been also prime traders, they may have been able to cover their money in that way and more. Least so in the past.
When something makes what is becoming zero sense in engineering terms and too some extent in business terms then you have to have a valid explanation as an investor. The claim that some other inside player is smart ain't valid enough explanation to chase it again. Where is the beef????
What good is it for a large investor to invest millions in a company they know is a scam? That isn't going to work out for them or their clients in the end... Not really sure how that would be good since they don't earn a salary like the CEO, who also invested in SRCH recently for his wife. Of course, he could just hate her, but I'm going to give love the benefit of the doubt here.
Apparently Luxor knows a good, long-running scam when they see one. Seven years and counting! SRCH could string their investors on for many more years with their endless testing and press releases (but never, ever release an actual report confirming anything).
Luxor is the smart money. Mesage board posters here are the strange money doing battle with the successful hedge fund--Luxor. IT is a lopsided fight.
Here is a recent article about Luxor at Martketwatch.com,
http://www.marketwatch.com/story/american-capital-attracts-paulson-luxor-2012-07-12
They're not foolish or gullible, just smart money investing big dollars in SRCH.
Someone should tell Luxor to quite rambling in the cosmic ethereal fairy dust that is SRCH.
Cosmic - long hot summer, and not much going on with SRCH. Wonder what they are going to say in their next PR to raise interest levels again. Maybe it is time for them to start pumping their Searchlight mining claims again?
Or find some new thing to promote - nobody has promoted the old "gold in volcanic ash" thing for a while, maybe Ager can get that going again. He can set up shop in Flagstaff which is really nice this time of year, and take people on tours of the ash pits outside of town. Worked real well 20 years ago, and now a new crop of gullible folks are primed for the picking. Gotta hand it to these guys - just about the most successful group of mine scammers ever!
Well what is happening? Don't look like much. Be back to $.60 if they ain't careful. Dilution is never the solution. Got to wonder what story they are able to sling by them boys giving them more money?
All this endless testing. Total bull.
Lots of folks about that if you gave them a bunch of tons of slag and said what can you do with it, would have an answer in fairly short time.
I might wonder about somebody like Formation Metals. You got to have somebody that deals with the real World. They did a bunch of reengineering of their own processes and it did not take forever.
Everything is complicated but I will admit I never saw one like this. Maybe golf is the most important product. Gentlemen at work if you wish to call it that. Least the Gentlemen get pay checks, ah what a life............
They are silent as they cash those checks. Dirty job but somebody got to do it.
Nevertheless, there is a lot of room for skepticism but I think now days it is more from the fear that the final process won't work for some reason rather than the credibility of the founders and the geologists findings and reports in the past.
You're right, I don't know what exactly is in the slag. I know in general what is in the slag as far as the majority constituents - things like silicon, iron, magnesium, aluminum, etc. As for exactly what the gold, silver, copper, and zinc content are - I can't say because I have not found that information. I am sure that Phelps Dodge has that data somewhere, and I'll bet it could be found if someone spent the time to do it. All I know for sure is that the data is not in any report issued by SRCH, because they have not issued any reports.
But, it's a moot point. I can look at production records and I can look at geological reports, and I know what kind of ores were processed by Phelps Dodge at the smelter. The ores had a gold content to be sure and I am sure that Phelps Dodge was pretty happy about it. According to references on my shelf, the majority of the ore had less than 0.05 oz/ton. I don't need to know what all the other stuff in the slag is, to be able to say that it is impossible to end up with a slag with 0.5 oz/ton gold.
The smelter and the orebody are not really that unique. Both the smelter and orebody have unique features but so does any smelter and any orebody. The geology of the orebodies smelted at Clarkdale are a little unusual for Arizona, given that most production in Arizona is from porphyry deposits and this is a Volcanogenic Massive Sulfide (VMS). But, there are other VMS deposits in Arizona (Iron King Mine, for example), so it is not unique. There are many, many articles and reports on both the smelter and the orebody - should I post a bibliography? Yes, you are right, it was very rich ore, hence the direct smelt. And there is data available for ore going into the smelter. I think I posted those sources before, would have to go back and see what they were.
Nothing that SRCH says in their PRs is credible without their consultants' report. I can't remember if they claimed to know what the values of silver, copper, zinc, etc. are in the slag. Doesn't matter, I wouldn't believe it without seeing the data, and someone credible presenting it. The gold is the focus, obviously, and their claims are not believable.
And yes, a smart (and lucky) person can make money on SRCH no matter if they are a scam or not, as we have discussed before.
Setting up all that equipment is one of the keys to SRCH's success and longevity. Appearances are important and what's a million bucks worth of equipment if it helps buy them 7 years of scamming success? I know of numerous scams that have expensive, brand-new equipment that they have bought (and never used).
Gitreal, I don't know exactly what is in the slag and I would wager neither do you.
I no longer own the stock, might in the future, if I think I can make a few more dimes.
All this talk about Gold but what about all the other byproducts also claimed to be in the slag. There are a number of docs that sort of support part of what the company sezs.
If there ain't no Gold exactly what are you claiming is actually in the slag. That particular smelter apparently did not operate like just about like any other one anybody has heard of. The Geo formation of the ore body was also unique, there is an article about it, this was not a run of the mill mine.
In the period of 1915 - 1938 apparently they recovered something like .04 OPT Gold as the final result on the output, it is not known what the analysis showed on the ore going in. This was based on a direct feed of the ore with no benefaction. They apparently did not worry to much what was in the slag. The ore from the Little Daisy mine was about the richest copper in the World, something in the 45% range, the other big pit in the original dig about 10%. They wanted copper, they got lots of copper. Apparently also not getting 100% of the copper and a fair amount might still be in the slag. Company sezs so too.
What is also known is it had lots of sulfur, boocoo iron pyrites and the sulfur acted as part of the fuel, God awful acid rain. Not a nice place to be in the olde dazes. There is no good acounts of them stating any other byproduct amounts, if any at all were recovered or even worried about.
So any investor only has the company for a real source. Unless you have something with real authority. What exactly are you claiming is in the slag and how do you know it???? As in a complete break down by metal, element, material, etc in percent. Got to be something in there. Are you claiming they are wrong on all of the potential byproducts??? Or just the Gold.
I've got a range of issues with the stock as an investment, sure ain't going to just buy and sit in it. More than one question which won't get answered any time soon.
They do seem to be able to snooker the "smart Big Bucks Types" into lending them ever more money. Of course that begs the question what do those folks know???? Lots of things totally puts me off in terms of being a good solid potential working operation under their own control ever. Definitely not a way to run the railroad. Just horrible IR.
The building of a potential operation plant makes no sense in your claim of an organized fraud. Most real frauds are more talk than anything of real substance.
But in the end, it is like most speculations, you pays you money, takes you chances. At this point I choose to just watch the World go by, see what happens. Doubt any of it will be quick. Top dogs sure do know how to take care of their own. Gives winning a strange spin for sure. For me only quick in's and out's any more, any profit is good.
Cosmic - the gold ain't there. There is no geological/metallurgical explanation for there to be half an ounce/ton of gold in that slag. You can't get a slag that rich in gold from direct smelting of ores that never ran even a tenth of that for gold. It makes no sense - does it? If SRCH were to produce their consultants' reports for all to see, maybe I could be persuaded otherwise, but with no reports, there is zero credibility. I know I sound like a broken record on the lack of reports issue, but it is a huge red flag.
You do make a good point - if these guys had any real intention of producing gold, why then are they skimming a million bucks a year for director's salaries and "consulting" fees? I have been part of start-up companies before, and if your highest priorities are not research, development, and marketing, you are doomed (or you are a scam).
Another good point - the historic and on-going connections with very well documented scammers. What legit company would allow folks with those kinds of connections to be, in any way, associated with their operation? If it walks like a duck, quacks like a duck, well, you know the rest.
These guys are masterful scammers, probably the most successful mining-scam in Arizona over the last 7 years (and they have some stiff competition).
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Searchlight Minerals Corp. is a minerals exploration company focused on the acquisition and development of projects in the southwestern United States. The Company is currently involved in two projects: (1) the Clarkdale Slag Project, located in Clarkdale, Arizona, is a reclamation project to recover precious and base metals from the reprocessing of slag produced from the smelting of copper ores mined at the United Verde Copper Mine in Jerome, Arizona; and (2) the Searchlight Gold Project, which involves exploration for precious metals on mining claims near Searchlight, Nevada. The Clarkdale Project is the more advanced of two ongoing projects that the Company is pursuing. The Searchlight Gold Project is an early-stage gold exploration endeavor on 3,200 acres located approximately 50 miles south of Las Vegas, Nevada.
Searchlight Minerals Corp. is headquartered in Henderson, Nevada, and its common stock is listed on the OTC Bulletin Board under the symbol "SRCH". Additional information is available on the Company's website at www.searchlightminerals.com and in the Company's filings with the U.S. Securities and Exchange Commission.
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